Europe

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    Sanctions

    EU Council Seeks to Criminalise Sanctions Circumvention

    By Editors | 10/06/2023

    EU member states would be obligated to criminalise sanctions circumvention, including activities to help bypass an EU travel ban or trade in sanctioned goods.

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    Crypto / Digital Assets

    MiCA Text Published in EU Official Journal

    By Karen Ng | 10/06/2023

    The provisions on stablecoins will be enforced from 30 June 2024. The provisions for crypto asset service providers will be enforced starting 30 December 2024.

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    Fintech / Regtech

    In Global First, UK to Require Banks to Reimburse Fraud Losses

    By Karen Ng | 08/06/2023

    The Payment Systems Regulator will make it mandatory for banks, building societies and payment firms to reimburse victims of APP fraud.

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    Crypto / Digital Assets

    Russia Drops Plan to Establish National Crypto Exchange

    By Mark Johnston | 06/06/2023

    The country now plans to create rules that will enable multiple crypto trading platforms to be established and conduct cross-border transactions.

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    ESG / Sustainability

    EU Watchdogs Settle on Greenwashing Definition

    By ESG Investor | 06/06/2023

    The EBA, EIOPA and ESMA have put forward a common high-level definition of greenwashing applicable to banking, insurance and pensions and financial markets.

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    Enforcement

    FCA Fines ED&F Man Capital Markets for Cum-Ex Trading Breaches

    By Editors | 05/06/2023

    The GBP 17.2 million fine is the largest imposed thus far in connection with the cum-ex tax fraud scheme.

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    AML / KYC

    EU, Canada Sanction Moldova Nationals for ‘Destabilising’ Activities

    By Manesh Samtani | 04/06/2023

    Four individuals are on both sanctions lists for supporting a Russian plan to overthrow the Moldovan government.

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    ESG / Sustainability

    EU to Include Finance Sector in Due Diligence Rules

    By ESG Investor | 04/06/2023

    New legislation will impose environmental and human rights due diligence obligations on both financial and non-financial companies.

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    Capital / Liquidity

    Credit Suisse Bankers Sue FINMA Over Lost Bonuses

    By Editors | 04/06/2023

    Some Credit Suisse bankers had their bonus awards based on AT1 bonds, which were wiped out in the government-orchestrated rescue in March.

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    Market Infrastructure

    Regulators Urge Firms to Complete LIBOR Transition Efforts

    By Manesh Samtani | 04/06/2023

    At least $700bn worth of junk rated US corporate loans are still priced using USD LIBOR, according to estimates.

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